Questions from Financial Accounting

Q: Consider the unadjusted trial balance of Lady, Inc., at July

Consider the unadjusted trial balance of Lady, Inc., at July 31, 2012, and the related month-end adjustment data. Adjustment data at July 31, 2012: a. Accrued service revenue at July 31, $1,700. b....

Q: Valley Apartments, Inc.’s unadjusted and adjusted trial balances at

Valley Apartments, Inc.’s unadjusted and adjusted trial balances at April 30, 2012, follow. Requirements 1. Make the adjusting entries that account for the differences between the...

Q: The adjusted trial balance of Simpson Corporation at March 31, 2012

The adjusted trial balance of Simpson Corporation at March 31, 2012, follows. Requirements 1. Prepare Simpson Corporation’s 2012 income statement, statement of retained earnings, a...

Q: The accounts of Mountain Lodge Service, Inc., at March 31

The accounts of Mountain Lodge Service, Inc., at March 31, 2012, are listed in alphabetical order. Requirements 1. All adjustments have been journalized and posted, but the closing entries have not...

Q: Refer back to Problem 3-71A. In Problem

Refer back to Problem 3-71A. In Problem 3-71A The accounts of Mountain Lodge Service, Inc., at March 31, 2012, are listed in alphabetical order. Requirements 1. Use the Mountain Lodge data in Probl...

Q: This problem demonstrates the effects of transactions on the current ratio and

This problem demonstrates the effects of transactions on the current ratio and the debt ratio of Harrington Company. Harrington’s condensed and adapted balance sheet at December 31, 2012, follows. __...

Q: Cherokee Corporation earned revenues of $37 million during 2012 and ended

Cherokee Corporation earned revenues of $37 million during 2012 and ended the year with net income of $7 million. During 2012, Cherokee collected cash of $20 million from customers and paid cash for a...

Q: Healthy Hearts Consulting had the following selected transactions in December:

Healthy Hearts Consulting had the following selected transactions in December: Dec 1 Prepaid insurance for December through April, $3,500. 4 Purchased office furniture for cash, $900. 5 Performed serv...

Q: Cola Company made sales of $35,376 million during 2012

Cola Company made sales of $35,376 million during 2012. Cost of goods sold for the year totaled $15,437 million. At the end of 2011, Cola’s inventory stood at $1,672 million, and Cola ended 2012 with...

Q: Federal Technology began the year with inventory of $315,000

Federal Technology began the year with inventory of $315,000 and purchased $1,820,000 of goods during the year. Sales for the year are $3,920,000, and Federal’s gross profit percentage is 60% of sales...